Pranda Jewellery: Export Capacity and Brand Portfolio

Questions this report answers

What's Pranda's FY2024 operating picture? Per Pranda Q2 2024 corporate news and the 2024 strategy release: consolidated Q2 2024 revenue reached THB 831.39M🔒 (+25.58%🔒 YoY) with the Production Business at 71%🔒 of revenue (+28%🔒 YoY) on Europe and Americas OEM orders, and the Omnichannel segment at 29%🔒 (+21%🔒 YoY) led by India distribution. The full-year disclosure (per the 56-1 One Report stack) lands at THB 2,845M🔒 revenue and a THB 349M🔒 net loss, even as the production-base mix accelerated.^{[1, 2, 3]}

What's the manufacturing footprint? Per the Pranda our-business page and 56-1 One Report 2023: group capacity is 4M🔒 pieces per year across Thailand (Bangkok HQ at Soi Bangna-Trad 28 plus Nakhon Ratchasima), Vietnam, and Indonesia with roughly 2,500 craftsmen. Distribution offices anchor the USA, UK, Germany, and India. The vertically-integrated bench is a structural moat against pure-design houses.^{[5, 3]}

How does the brand portfolio split? Per the Pranda brands page and the 2024 strategy press: Prima Gold (24K🔒 flagship for Asia and Middle East), Prima Diamond, and Prima Art (India) anchor the gold and diamond tier; Cai, Merii, and JuliJ cover fashion silver; Gemondo provides the UK gemstone foothold. Authorised-retailer distribution spans Indonesia, Philippines, Japan, USA, UAE, Oman, and Egypt.^{[4, 2]}

What's the tariff and macro overlay? Per the Bangkok Post tariff coverage and the USTR framework fact sheet: Thai jewellery exports total USD 9.6B🔒 FY2024 (GIT), with the 19%🔒 US reciprocal tariff confirmed under the October 2025 USTR framework. Thailand's 19%🔒 rate undercuts India (50%🔒) and is broadly favourable versus Vietnam (20%🔒) and China (30%🔒+), creating an OEM substitution opening for Pranda's production base into FY2026.^{[6, 7, 8]}

Executive summary

Pranda Jewelry (SET: PRANDA) is a vertically-integrated jewellery group with two engines: a 71%🔒-of-revenue Production Business (OEM) accelerating +28%🔒 YoY in Q2 2024 on US and EU orders, and a 29%🔒-of-revenue Omnichannel arm growing +21%🔒 YoY led by India. FY2024 revenue THB 2,845M🔒 printed alongside a THB 349M🔒 net loss as mix gains were offset by margin and one-off pressures.^{[1, 3]}

The group's structural moat is the 4M🔒-piece-per-year capacity across Thailand, Vietnam, and Indonesia plus ~2,500 craftsmen, layered with an owned-brand stack covering 24K🔒 gold (Prima Gold), diamond (Prima Diamond, Prima Art), fashion silver (Cai, Merii, JuliJ), and a UK gemstone label (Gemondo). The 19%🔒 US reciprocal tariff (October 2025 USTR framework) is favourable versus India (50%🔒) and broadly competitive versus Vietnam, sustaining the OEM order book into FY2026.^{[5, 4, 8, 7]}

For investors: PRANDA is a turnaround-watch on FY2025-FY2026 production-base scaling, India omnichannel expansion, and tariff durability. Watch the 19%🔒 US tariff for any upward revision, India distribution comp growth, and whether the FY2024 net loss reverses on the +28%🔒 production-base run-rate. Structural risk: gold-price volatility on Prima Gold gross margin and any reciprocal-tariff escalation.^{[2, 6]}

Pranda FY2024 scorecard, capacity, brand stack